Somerset County's triple-A bond ratings were reaffirmed in a recent sale of 10-year county college and general improvement bonds.
Somerset County's triple-A bond ratings were reaffirmed in a recent sale of 10-year county college and general improvement bonds, according to a news release.
The interest rate on the June 30 sale was 1.678 percent. The successful bidder was Swiss-based UBS Financial Services, Inc.
The sale included a little over $18 million in bonds for general county improvements, including equipment and non-passenger vehicles, and $5.3 million for college infrastructure projects, including the Workforce Training Center, renovations to the Christine Todd Whitman Science Center and athletic field improvements, according to the news release.
"We're very pleased that both Standard & Poor's and Moody's reaffirmed Somerset County's long-held triple-A bond ratings," said Freeholder Director Patricia Walsh. "Our success in securing such a favorable interest rate is due once again to our sound financial management."
Moody's Investors Service again praised Somerset County's prudent fiscal practices.
"The county's AAA rating reflects its sizeable and diverse tax base, which is expected to remain relatively stable over the near-term, and solid financial position," it was stated in the Moody's report. "The rating also considers the county's modest debt position and forward-looking management practices."
Listed by Moody's as the county's credit strengths are:
- a substantial and diverse tax base with a large corporate presence
- very high income levels
- low debt burden
- and strong financial management practices.